FDI slips by over 43 per cent to around 2.2 billion in May

PTI|

Jul 29, 2009, 02.37 PM IST

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NEW DELHI: India's foreign direct investment (FDI) declined by over 43 per cent to around USD 2.2 billion in May, 2009, compared to USD 3.9 billion in the same period last year on account of global recession.

"FDI was around USD 2.2 billion in May," Department of Industrial Policy and Promotion Secretary Ajay Shankar told reporters on the sidelines of a seminar organised by CII-Institute of Logistics.

And "we think that liquidity is improving and confidence in the economy is rising. These numbers (FDI) should pick up," Shankar said.

The government had scaled down the FDI target by USD 5 billion from USD 35 billion last fiscal. Cumulative FDI from April 2000 to March 2009 stands close to about USD 90 billion.

Thanks to robust trends in the first six months of the last fiscal, FDI in 2008-09 was USD 27.3 billion against USD 24.5 billion in 2007-08.